The common European currency declined by 39 basis points or 0.31% against the Japanese Yen on Monday. The currency pair breached the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, the exchange rate could continue to edge lower during the following trading session. The potential target for the EUR/JPY pair would be at the weekly S1 at 125.00.
However, technical indicators suggest that the currency exchange rate could slide higher within this session.
